China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U...
SINGAPORE - China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil.
On Friday, China announced its latest round of punitive tariffs against about $75 billion worth of American goods, adding U.S. crude to the list for the first time with a 5% tariff to take effect from Sept. 1. China’s move against U.S. crude is expected to put upward market pressure on other varieties of crude.
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